(Solved): Exercise 1-3 Identifying Cost Management Information System Objectives Consider the following action ...

Exercise 1-3 Identifying Cost Management Information System Objectives Consider the following actions associated with a cost management information system: a. Eliminating a non-value-added activity b. Determining how much it costs to perform a heart transplant c. Calculating the cost of inspecting components from an outside supplier d. Developing and using a budgeted income statement for a division e. Eliminating the need to inspect by improving the quality of products and processes f. Determining whether selling a product at split-off is more profitable than processing it further before selling it g. Calculating the cost of producing an e-book h. Using a trend report on quality costs to assess the effectiveness of a quality improvement program i. Determining the units that must be sold to break even j. Calculating the cost to perform a tooth extraction k. Determining the total cost of moving goods Using JIT purchasing and manufacturing to significantly reduce inventories m. Using unit product cost to help develop a bid price Exercise 1-3 Identifying Cost Management Information System Objectives OBJE Consider the following actions associated with a cost management information system: a. Eliminating a non-value-added activity b. Determining how much it costs to perform a heart transplant c. Calculating the cost of inspecting components from an outside supplier d. Developing and using a budgeted income statement for a division e. Eliminating the need to inspect by improving the quality of products and processes f. Determining whether selling a product at split-off is more profible than processing it further before selling it g. Calculating the cost of producing an e-book h. Using a trend report on quality costs to assess the effectiveness of a quality improvement program i. Determining the units that must be sold to break even j. Calculating the cost to perform a tooth extraction k. Determining the total cost of moving goods Using JIT purchasing and manufacturing to significantly reduce inventories m . Using unit product cost to help develop a bid price Classify the above actions as being associated with one of the following objectives of a cost Required: management information system: Costing of products, services, and other objects of interest Planning and control Decision making